Which of the following statements is true?

a.

Debt instruments offer residual rights to future cash payments.

b.

Bonds with call provisions will have lower coupon rates than identical bonds.

C.

Bondholders enjoy a direct voice in company decisions.

d.

Bonds are low-risk investments that perform well in inflationary periods.

e.

Preferred shareholders are the first investors to be reimbursed in the bankruptcy liquidation.